Toig was the streaming service’s third CEO in the past two years.

Tidal has confirmed the departure of CEO Jeff Toig, the company's third executive in three years. "As part of Tidal’s continued expansion this year we will be announcing a new CEO in the coming weeks,” the company said in a statement to The FADER. “We wish him all the best in his future endeavors.”

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Toig, who assumed the lead position at TIDAL in January 2016, was formerly SoundCloud’s chief business officer. He founded and served as vice president of Cricket Wireless’s music service Muve Music. He took over at TIDAL nine months after the company's launch. At the time, Jay Z called Toig "a leader at the intersection of consumer technology and entertainment for more than two decades."

In a recent unofficial count, Jay Z's streaming service had around one million paid subscribers, according to Billboard. The company's principle competitors Spotify and Apple Music, have 50 million and 20 million paid users, respectively. In January, Tidal sold a 33% stake of the company to Sprint.